When he didn't have the 3 months he owed when he showed up in court, it was over, they weren't interested in any exaggerated stories about maintenance issues.

Different insurance, lodging taxes from city/county/state, cost of furnishing, utilities and internet included in rent, landscaping, consumables, marketing, and even the amount of time you're going to spend answering calls, coordinating cleaners, etc.Short-term can be profitable but a lot of people exaggerate the numbers by not accounting for all the costs.Also think about your goals.

I think that there is a tendency to exaggerate with the weight given to the Cap Rate factor. 

Generally contractors also do free bids, but I like to pay some to come check out a property with me so they can give me bids on the spot and then you can determine where you can save some cost by doing some things yourself and deducting from the bids.If someone knows you’re new they may exaggerate those numbers but eventually you’ll be able to call bluffs :) Also - bigger pockets has an estimating rehab costs book!

But how do I get through deal analysis practice if MLS listings are incomplete or have exaggerated profits? 

Or were you just exaggerating?

When someone thinks they can find the amazing numbers they see on BP it opens them up to agents and sellers saying a property has an ARV of X and a rehab cost of X which they have greatly exaggerated.

(Yes, I'm exaggerating to make the point, and yes, you should be able to pick your own tiles)...

(Exaggerating, for effect). 

Ordinarily that'd be an opportunity I'd be all over like bees to honey, but you know what; I don't know if I'd want the property unless he darn near pays me to take it from him.I'm exaggerating here of course, but my point is that just because there maybe easy financing terms doesn't mean the deal is going to be a good investment deal.